Today, seafood fraud costs the Australian economy tens of billions of dollars each year, much of which stems from supply chain abuse in the fishing industry. Although blockchain provides a potential solution to this, the number of participants in a typical food supply chain, and the lack of interoperability of DLTs, can limit the broader application of the technology. While there are some examples of consortia DLT-based solutions in other industries, these solutions are not always globally scalable and can be exclusive, as the cost of joining these consortia, and developing the necessary infrastructure, is prohibitive to many stakeholders. Furthermore, DLT is a rapidly evolving area of technology. Clearly, removing the barriers to adoption of blockchain is critical.
This is precisely what Quant delivers. Quant’s Overledger OS provides the full, fast and easy interoperability between multiple and disparate DLTs, as well as legacy networks, that is fundamental to all stakeholders involved in the seafood supply chain. Requiring no further infrastructure, Overledger OS makes access to DLTs cost-efficient for anyone from commercial enterprises to individual workers. Overledger OS also forms the basis for a credible, future-proofed solution to protect against likely technology changes. It is precisely these benefits which led to the partnership between Quant and Ledger3, who have themselves partnered with TOMKAT KoolPak, developers of an advanced thermodynamic packaging which deploys a reusable smart box that (via a smartphone app with a specific user ID), can record information such as temperature, geographical coordinates, date and time immutably onto DLT. The result is an interoperable and scalable solution to traceability that is accessible to all stakeholders involved in the seafood economy, irrespective of their size and the platforms they use.
The benefits to Australia’s fishing industry, which exports 80% of its seafood, are significant. By enabling more traceable, transparent and trustworthy supply chains, the partnership between Quant and Ledger3 not only eliminates opportunity for criminal activity, but takes a significant step forward in protecting the country’s seafood export market, while ensuring the sustainability of Australia’s blue economy.